Stocks swung sharply Wednesday after reports that President Trump was considering firing Federal Reserve Chair Jerome Powell.

Markets initially fell but rebounded when Trump denied he planned to remove Powell “in the near future,” though he didn’t rule it out entirely.

The S&P 500 closed up 0.32%, the Nasdaq 0.26%, and the Dow 0.53%.

Traders remained wary given Trump’s repeated calls for steep rate cuts.

Meanwhile, inflation data raised concerns about the impact of tariffs on prices, CNBC has reported.

Major banks reported mixed earnings, with Bank of America and Morgan Stanley slipping despite strong results.

Written by B.C. Begley